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ccesso Partners is losing a devalued Houston office portfolio after its three-building complex was recently appraised for $26 million, down 20% from last year's valuation of $32.5 million. The 570,000-square-foot Energy Corridor property was originally valued at $83 million in 2012 and had a loan balance of $46.6 million as of August 2022. The owner failed to pay off the loan at maturity, sending it to special servicing.

    Midland Loan Services has hired JLL to market the property, which is currently about 59% occupied. A buyer has been found, but the sale agreement and loan assumption are still being finalized. This portfolio was listed alongside another Houston commercial building owned by Accesso Partners, 3900 Essex Lane, which had a vacancy rate slightly higher than the city's average.

    Houston's office market is struggling, with up to 50 million square feet of unoccupied space and an estimated $1.56 billion in lost rental income annually. Another loan, worth $80 million for 3000 Post Oak Boulevard, was sent to special servicing after Bechtel's lease ended in July.